TIDMMIG
RNS Number : 4204I
Mobeus Income & Growth 2 VCT PLC
08 August 2019
Mobeus Income & Growth 2 VCT plc
(the "Company")
INTERIM MANAGEMENT STATEMENT
For the quarter ended 30 June 2019
Mobeus Income & Growth 2 VCT plc presents an Interim
Management Statement for the quarter ended 30 June 2019. The
statement also includes relevant financial information between the
end of the period and the date of this statement.
NET ASSET VALUE AND TOTAL RETURN PER SHARE
At 30 June At 31 March
2019 2019
Net assets attributable to shareholders GBP50,989,177 GBP48,729,957
Shares in issue 48,493,925 48,925,130
Net asset value (NAV) per share 105.15p 99.60p
Cumulative dividends paid to date
per share 83.00p 83.00p
Total return per share since inception
(NAV basis) 188.15p 182.60p
INTERIM DIVIDEND
After taking into account the availability of surplus revenue,
the realisation of capital gains, the adequacy of distributable
reserves, cash flow forecasts and the need to maintain VCT
qualifying ratios, the Board is pleased to declare an interim
dividend of 15.00 pence per share in respect of the financial year
ending 31 March 2020, This dividend will be payable on 20 September
2019, to shareholders, whose names appear on the register on 23
August 2019.
SHARE BUYBACKS
On 20 June 2019, the Company purchased 295,000 of the Company's
own ordinary shares at a price of 86.00 pence per share for
cancellation.
On 28 June 2019, the Company purchased 136,205 of the Company's
own ordinary shares at a price of 89.50 pence for cancellation.
After the period end, with effect from 1 August 2019, the Board
changed its share buyback policy objective of maintaining the
discount to Net Asset Value at which the Company's shares may trade
in the market from approximately 10% or less, to approximately 5%
or less. In pursuing this policy, the Board's priority will remain
to ensure that it is acting prudently and in the interests of the
remaining shareholders of the Company. Share buybacks will continue
to be entirely at the Board's discretion and will be subject to the
Company having sufficient funds available for such a purpose. They
will also continue to be subject to prevailing market conditions,
the Listing Rules and any applicable law and regulatory
restrictions at the relevant time. Shares bought back in the market
will ordinarily be cancelled.
INVESTMENT ACTIVITY
Investments during the period
On 13 May 2019, the Company invested GBP0.91 million into a new
investee company, Arkk Consulting, which provides services and
software to enable organisations to remain compliant with
regulatory reporting requirements.
On 22 May 2019, the Company invested GBP0.55 million into a new
investee company, Parsley Box, which is a UK direct to consumer
supplier of home delivered ambient ready meals for the elderly.
Realisations during the period
On 10 May 2019, the Company sold its remaining investment in
Plastic Surgeon to Polygon Group for GBP1.18 million. Over the
eleven years this investment was held, it generated proceeds of
GBP2.19 million compared to an original investment cost GBP0.39
million, which is a multiple on cost of 5.6 x and an IRR of
20.5%.
On 6 June 2019, the Company realised part of its investment in
Master Removers Group, generating proceeds receivable of GBP0.28
million, as part of a transaction which also increased the
Company's equity interest from 3.4% to 5.2%.
On 28 June 2019, the Company sold its investment in ASL
Technology for GBP3.68 million. Over the eight and a half years
this investment was held, it generated proceeds of GBP4.57 million
compared to an original investment cost of GBP2.09 million, which
is a multiple on cost of 2.2x and an IRR of 12.6%.
Transactions after the period end
On 10 July 2019, the Company made a follow-on investment of
GBP0.36 million into MPB Group, a leading online marketplace for
camera and video equipment.
On 2 August 2019, GBP0.17 million of contingent consideration
was received as part of the sale of Entanet Holdings in August
2017.
PLANNED FUNDRAISING
As announced recently, the Board intends to launch offers for
subscription for new ordinary shares in the 2019/20 tax year. The
Board expects to convene a general meeting of shareholders to seek
the necessary authority to allot shares and disapply pre-emption
rights in connection with the fundraising and will send
shareholders a circular in September confirming the amount to be
raised and the purposes for which the funds will be used in advance
of that meeting for their consideration.
If shareholder approval is obtained, the Board expects to be in
a position to launch the offer for subscription in October, full
details of which will be contained in the prospectus that will be
sent to all registered shareholders.
Please note that all of the information above is unaudited.
Other than as described above, there were no material events
during the period and to the date of this announcement.
For further information, please contact:
Rob Brittain, for Mobeus Equity Partners LLP, Company Secretary:
020 7024 7600
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London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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